20 unchanged sentences
Our use of variable-rate debt exposes us to interest rate risk as changes in interest rates would affect interest expense.
−Removed: As of December 31, 2023 , we have variable-rate loans outstanding totaling $735.0 million, of which:
−Removed: • $380.0 million matures on December 31, 2025 and bears interest at 3-month Term SOFR plus 7.5% per annum;
−Removed: • $155.0 million matures on December 31, 2025 and bears interest at 3-month Term SOFR plus 8.0% per annum;
−Removed: • $200.0 million matures on September 11, 2026 and bears interest at 1-month Term SOFR plus 8.0% per annum.
−Removed: As of December 31, 2023 , the weighted-average interest rate on these loans was 13.09%.
−Removed: A hypothetical 100-basis point increase in the Term SOFR rate as of December 31, 2023 would increase our future interest payments by $16.1 million.
−Removed: Similarly, a hypothetical 100-basis point decrease in the Term SOFR rate as of December 31, 2023 would decrease our future interest payment by $16.1 million.
+Added: As of December 31, 2024 , we have a $505.0 million variable-rate loan outstanding, which matures on December 31, 2027 and bears interest at Term SOFR plus 8.0% per annum.
+Added: As of December 31, 2024 , the weighted-average interest rate on this loan was 12.34%.
+Added: A hy pothetical 100-basis point increase in the Term SOFR rate as of December 31, 2024 would increase our future interest payments by $15.2 million.
+Added: Similarly, a hypothetical 100-basis point decrease in the Term SOFR rate as of December 31, 2024 would decrease our future interest payments by $15.2 million.
Interest Rate Risk – RIPA
12 unchanged sentences
However, fluctuations in currency exchange rates could harm our business in the future.
+Added: Table of Conten t s
We are also exposed to foreign currency fluctuations related to the operations of our subsidiary in Italy whose financial statements are denominated in the Euro.
7 unchanged sentences
As such, we currently do not enter into currency forward exchange or option contracts to hedge foreign currency exposures.
−Removed: As of December 31, 2023, 37,732,820 warrants from our direct registered offerings remained outstanding at a fair value of $118.8 million.
+Added: As of December 31, 2024, 6,399,171 warrants from our RDOs remained outstanding at a fair value of $8.6 million .
The fair value of the warrant liabilities is determined using the Black-Scholes option pricing model and is therefore sensitive to changes in the market price and volatility of our common stock among other factors.
In the event of a hypothetical 10% increase in the market price of our common stock ( $2.82 based on the $2.56 market price of our stock at December 31, 2024) on which the December 31, 2024 valuation was based, the fair value of the warrant liabilities would have increased by $1.3 million .
−Removed: Similarly, based on the fair value of the warrants outstanding as of December 31, 2023, a hypo thetical decrease of 10% in the market price of our common stock would have the fair value of the warrant liabilities decreased by $15.5 million .
−Removed: S uch increase or decrease would have been reflected as a change in fair value of warrant liabilities in other expense, net , on the consolidated statement of operations.
+Added: Similarly, based on the fair value of the warrants outstanding as of December 31, 2024, a hypo thetical 10% decrease in the market price of our common stock would have decreased the fair value of the warrant liabilities by $1.2 million.
+Added: S uch increase or decrease would have been reflected as a change in fair value of warrant liabilities in other income (expense), net , on the consolidated statement of operations.
Inflation Risk
1 unchanged sentence
We do not believe that inflation has had a material effect on our business, financial condition or results of operations for any period presented herein.
+Added: Table of Conten t s
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.